Are Movie Theater Stocks Dead? Nope!
The calendar tells us that we're less than halfway through the summer, but the season is pretty much already in the books for multiplex operators. Movie studios tend to lay low through August and September, knowing that school-aged audiences peak between Memorial Day and Independence Day.
It's fair to say that the peak summer season was a success for AMC Entertainment (NYSE: AMC) and its fellow exhibitors. This past weekend may have resulted in less than $124 million in domestic ticket sales -- the softest showing since the first weekend of June -- but it was still a notable success. Director Jordan Peele's Nope collected $44 million at the box office in its debut weekend. Superhero films, reboots, and sequels may have opened stronger since the pandemic began, but Nope had the biggest opening-weekend haul for a film based on original intellectual property since Peele's previous theatrical release, 2019's Us.
Image source: Getty Images.
Source Fool.com
